Agora, Inc. (NASDAQ: API) (the “Company”), a pioneer and leader in
real-time engagement technology, today announced its unaudited
financial results for the third quarter ended September 30, 2024.
“Recently, we launched our Conversational AI SDK
in collaboration with OpenAI’s Realtime API to allow developers to
bring voice-driven AI experiences to any app. We believe multimodal
AI agents that can interact with human through natural voice will
gain widespread adoption across many use cases such as customer
support, education and wellness, and Agora is well positioned to
become a key infrastructure provider for real-time conversational
AI,” said Tony Zhao, founder, chairman and CEO of Agora. “To
support this vision, we recently made some structural changes,
aligning our organization to fully leverage the accelerating
conversational AI opportunities, and operate in a faster, leaner,
and more responsive fashion. These changes will help us build the
next generation real-time engagement technology for the Generative
AI era and strengthen our position as the leader in real-time
engagement space.”
Third Quarter 2024
Highlights
- Total revenues for
the quarter were $31.6 million, a decrease of 9.8% from $35.0
million in the third quarter of 2023, which included decreased
revenue from certain end-of-sale products of $2.4 million.
- Agora: $15.7
million for the quarter, an increase of 2.6% from $15.3 million in
the third quarter of 2023.
- Shengwang:
RMB112.9 million ($15.9 million) for the quarter, a decrease of
20.0% from RMB141.2 million ($19.7 million) in the third quarter of
2023, which included decreased revenue from certain end-of-sale
products of RMB17.5 million ($2.4 million).
- Active Customers
- Agora: 1,762 as of
September 30, 2024, an increase of 5.9% from 1,664 as of September
30, 2023.
- Shengwang: 3,641
as of September 30, 2024, a decrease of 9.7% from 4,034 as of
September 30, 2023.
- Dollar-Based Net Retention
Rate
- Agora: 94% for the
trailing 12-month period ended September 30, 2024.
- Shengwang: 78% for
the trailing 12-month period ended September 30, 2024.
- Net loss for the
quarter was $24.2 million, which included expenses of $11.4 million
in relation to the cancellation of certain employees’ equity
awards, severance expenses of $4.8 million, and losses from equity
in affiliates of $4.2 million, compared to net loss of $22.5
million in the third quarter of 2023. After excluding share-based
compensation expenses, acquisition related expenses, amortization
expenses of acquired intangible assets and income tax related to
acquired intangible assets, non-GAAP net loss for the quarter was
$10.4 million, compared to the non-GAAP net loss of $15.6 million
in the third quarter of 2023.
- Total cash, cash
equivalents, bank deposits and financial products issued by
banks as of September 30, 2024 was $362.6 million.
- Net cash used in operating
activities for the quarter was $4.6 million, compared to
$3.0 million in the third quarter of 2023. Free cash
flow for the quarter was negative $6.0 million, compared
to negative $3.2 million in the third quarter of 2023.
Third Quarter 2024 Financial
Results
RevenuesTotal revenues were
$31.6 million in the third quarter of 2024, a decrease of 9.8% from
$35.0 million in the same period last year. Revenues of Agora were
$15.7 million in the third quarter of 2024, an increase of 2.6%
from $15.3 million in the same period last year, primarily due to
our business expansion and usage growth in sectors such as live
shopping. Revenues of Shengwang were RMB112.9 million ($15.9
million) in the third quarter of 2024, a decrease of 20.0% from
RMB141.2 million ($19.7 million) in the same period last year,
primarily due to a decrease in revenues of RMB 17.5 million ($2.4
million) due to the end-of-sale of certain products and reduced
usage from customers in certain sectors such as social and
entertainment as a result of challenging macroeconomic and
regulatory environment.
Cost of RevenuesCost of
revenues was $10.5 million in the third quarter of 2024, a decrease
of 16.4% from $12.6 million in the same period last year, primarily
due to the end-of-sale of certain products and the decrease in
bandwidth usage and costs, which was offset partially by severance
expenses for customer support teams of $0.3 million.
Gross Profit and Gross
MarginGross profit was $21.0 million in the third quarter
of 2024, a decrease of 6.1% from $22.4 million in the same period
last year. Gross margin was 66.7% in the third quarter of 2024, an
increase of 2.7% from 64.0% in the same period last year, mainly
due to the end-of-sale of certain low-margin products, which was
offset partially by higher severance expenses in the third quarter
of 2024.
Operating ExpensesOperating
expenses were $45.9 million in the third quarter of 2024, an
increase of 24.3% from $36.9 million in the same period last year,
primarily due to the increase in restructuring and severance
expenses in the third quarter of 2024, which included share-based
compensation of $11.4 million as a result of the cancellation of
certain employees’ equity awards and immediate recognition of
relevant remaining unrecognized compensation expenses, as well as
severance expenses of $4.4 million.
- Research and
development expenses were $29.3 million in the third
quarter of 2024, an increase of 46.1% from $20.0 million in the
same period last year, primarily due to restructuring and severance
expenses in the third quarter of 2024, including share-based
compensation of $9.0 million due to equity award cancellation and
severance expenses of $3.6 million.
- Sales and
marketing expenses were $6.9 million in the third quarter
of 2024, a decrease of 11.9% from $7.8 million in the same period
last year, primarily due to a decrease in personnel costs as the
Company optimized its global workforce, which was offset partially
by severance expenses of $0.7 million in the third quarter of
2024.
- General and
administrative expenses were $9.7 million in the third
quarter of 2024, an increase of 7.4% from $9.1 million in the same
period last year, primarily due to restructuring and severance
expenses in the third quarter of 2024, including share-based
compensation of $2.4 million as a result of the equity award
cancellation, which was offset partially by a decrease in personnel
costs as the Company optimized its global workforce.
Loss from OperationsLoss from
operations was $24.7 million in the third quarter of 2024, compared
to $13.9 million in the same period last year.
Interest IncomeInterest income
was $3.9 million in the third quarter of 2024, compared to $4.9
million in the same period last year, primarily due to the decrease
in the average balance of cash, cash equivalents, bank deposits and
financial products issued by banks and the decrease in average
interest rate realized.
Losses from equity in
affiliatesLosses from equity in affiliates were $4.2
million in the third quarter of 2024, primarily due to an
impairment loss on an investment in certain private company of $4.1
million.
Net LossNet loss was $24.2
million in the third quarter of 2024, compared to $22.5 million in
the same period last year.
Net Loss per American Depositary Share
attributable to ordinary shareholdersNet loss per American
Depositary Share (“ADS”)1 attributable to ordinary shareholders was
$0.26 in the third quarter of 2024, compared to $0.23 in the same
period last year.
_____________
1 One ADS represents four Class A ordinary
shares.
Share Repurchase Program
During the three months ended September 30,
2024, the Company repurchased approximately 6.8 million of its
Class A ordinary shares (equivalent to approximately 1.7 million
ADSs) for approximately US$3.9 million under its share repurchase
program, representing 1.9% of its US$200 million share repurchase
program.
As of September 30, 2024, the Company had
repurchased approximately 129.4 million of its Class A ordinary
shares (equivalent to approximately 32.3 million ADSs) for
approximately US$113.7 million under its share repurchase program,
representing 57% of its US$200 million share repurchase
program.
As of September 30, 2024, the Company had 368.3
million ordinary shares (equivalent to approximately 92.1 million
ADSs) outstanding, compared to 449.8 million ordinary shares
(equivalent to approximately 112.5 million ADSs) outstanding as of
January 31, 2022 before the share repurchase program commenced.
The current share repurchase program will expire
at the end of February 2025.
Executive Leadership Update
Today the Company announced that Chief Security
Officer Roger Hale will be leaving the Company, effective
immediately. Mr. Hale has served in this role for the past 2.5
years, during which he made significant contributions to enhancing
the Company’s security, compliance, and data protection
protocols.
Mr. Hale will work closely with senior
leadership to ensure a smooth transition of his responsibilities.
Moving forward, Patrick Ferriter and Robbin Liu will assume
responsibility for security and compliance, reflecting the
Company’s commitment to maintaining a strong and effective security
framework. Mr. Hale will continue to provide strategic advice as an
advisor to the Company.
“We are grateful for Roger’s dedication and
expertise over the past two and a half years. His leadership has
been invaluable in strengthening our security & compliance
foundation,” said Tony Zhao, founder, chairman and CEO of Agora.
“Security and compliance remain top priorities for Agora, and we
will continue to uphold the highest standards to protect our
customers and stakeholders.”
Financial Outlook
Based on currently available information, the
Company expects total revenues for the fourth quarter of 2024 to be
between $34 million and $36 million, compared to $31.6 million in
the third quarter of 2024, and $33.3 million in the fourth quarter
of 2023 if revenues from certain end-of-sale low-margin products
were excluded. The Company also expects significant improvement in
net income / (loss) in the fourth quarter. This outlook reflects
the Company's current and preliminary views on the market and
operational conditions, which are subject to change.
Earnings Call
The Company will host a conference call to
discuss the financial results at 5 p.m. Pacific Time / 8 p.m.
Eastern Time on November 25, 2024. Details for the conference call
are as follows:Event title: Agora, Inc. 3Q 2024 Financial
ResultsThe call will be available at
https://edge.media-server.com/mmc/p/wie28zvrInvestors who want to
hear the call should log on at least 15 minutes prior to the
broadcast. Participants may register for the call with the link
below.https://register.vevent.com/register/BIf58a0b6f500c4362b1a8c64f9fa4cea8Please
visit the Company’s investor relations website at
https://investor.agora.io on November 25, 2024 to view the earnings
release and accompanying slides prior to the conference call.
Use of Non-GAAP Financial
Measures
The Company has provided in this press release
financial information that has not been prepared in accordance with
generally accepted accounting principles in the United States
(“GAAP”). The Company uses these non-GAAP financial measures
internally in analyzing its financial results and believe that the
use of these non-GAAP financial measures is useful to investors as
an additional tool to evaluate ongoing operating results and trends
and in comparing its financial results with other companies in its
industry, many of which present similar non-GAAP financial
measures. Besides free cash flow (as defined below), each of these
non-GAAP financial measures represents the corresponding GAAP
financial measure before share-based compensation expenses,
acquisition related expenses, amortization expenses of acquired
intangible assets, income tax related to acquired intangible assets
and impairment of goodwill. The Company believes that such non-GAAP
financial measures help identify underlying trends in its business
that could otherwise be distorted by the effects of such
share-based compensation expenses, acquisition related expenses,
amortization expenses of acquired intangible assets, income tax
related to acquired intangible assets and impairment of goodwill
that it includes in its cost of revenues, total operating expenses
and net income (loss). The Company believes that all such non-GAAP
financial measures also provide useful information about its
operating results, enhance the overall understanding of its past
performance and future prospects and allow for greater visibility
with respect to key metrics used by its management in its financial
and operational decision-making.
Non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
financial measures and should be read only in conjunction with the
Company’s consolidated financial statements prepared in accordance
with GAAP. A reconciliation of its historical non-GAAP financial
measures to the most directly comparable GAAP measures has been
provided in the tables captioned “Reconciliation of GAAP to
Non-GAAP Measures” included at the end of this press release, and
investors are encouraged to review the reconciliation.
Definitions of the Company’s non-GAAP financial
measures included in this press release are presented below.
Non-GAAP Net Income (Loss)
Non-GAAP net income (loss) is defined as net
income (loss) adjusted to exclude share-based compensation
expenses, acquisition related expenses, amortization expenses of
acquired intangible assets, income tax related to acquired
intangible assets and impairment of goodwill.
Free Cash Flow
Free cash flow is defined as net cash provided
by operating activities less purchases of property and equipment
(excluding the acquisition of land use right and the payment for
the headquarters project). The Company considers free cash flow to
be a liquidity measure that provides useful information to
management and investors regarding net cash provided by operating
activities and cash used for investments in property and equipment
required to maintain and grow the business.
Operating Metrics
The Company also uses other operating metrics
included in this press release and defined below to assess the
performance of its business.
Active Customers
An active customer at the end of any period is
defined as an organization or individual developer from which the
Company generated more than $100 of revenue during the preceding 12
months. Customers are counted based on unique customer account
identifiers. Generally, one software application uses the same
customer account identifier throughout its life cycle while one
account may be used for multiple applications.
Dollar-Based Net Retention
Rate
Dollar-Based Net Retention Rate is calculated
for a trailing 12-month period by first identifying all customers
in the prior 12-month period, and then calculating the quotient
from dividing the revenue generated from such customers in the
trailing 12-month period by the revenue generated from the same
group of customers in the prior 12-month period. As the vast
majority of revenue generated from Agora’s customers is denominated
in U.S. dollars, while the vast majority of revenue generated from
Shengwang’s customers is denominated in Renminbi, Dollar-Based Net
Retention Rate is calculated in U.S. dollars for Agora and in
Renminbi for Shengwang, which has substantially removed the impact
of foreign currency translations. Shengwang excluded the revenues
from certain end-of-sale products, Easemob’s CEC business and K12
academic tutoring sector. The Company believes Dollar-Based Net
Retention Rate facilitates operating performance comparisons on a
period-to-period basis.
Safe Harbor Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended and the Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical or
current fact included in this press release are forward-looking
statements, including but not limited to statements regarding the
Company’s financial outlook, beliefs and expectations.
Forward-looking statements include statements containing words such
as “expect,” “anticipate,” “believe,” “project,” “will” and similar
expressions intended to identify forward-looking statements. Among
other things, the Financial Outlook in this announcement contain
forward-looking statements. These forward-looking statements are
based on the Company’s current expectations and involve risks and
uncertainties. The Company’s actual results and the timing of
events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, risks related to
the growth of the RTE-PaaS market; the Company’s ability to manage
its growth and expand its operations; the continued impact of
COVID-19 on global markets and the Company’s business, operations
and customers; the Company’s ability to attract new developers and
convert them into customers; the Company’s ability to retain
existing customers and expand their usage of its platform and
products; the Company’s ability to drive popularity of existing use
cases and enable new use cases, including through quality
enhancements and introduction of new products, features and
functionalities; the Company’s fluctuating operating results;
competition; the effect of broader technological and market trends
on the Company’s business and prospects; general economic
conditions and their impact on customer and end-user demand; and
other risks and uncertainties included elsewhere in the Company’s
filings with the Securities and Exchange Commission (“SEC”),
including, without limitation, the final prospectus related to the
IPO filed with the SEC on June 26, 2020. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and the Company undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date hereof.
About Agora, Inc.
Agora, Inc. is the Cayman Islands holding
company of two independent divisions, under Agora brand and
Shengwang brand, respectively, whose businesses are conducted
through separate entities.
Headquartered in Santa Clara, California, Agora
is a pioneer and global leader in Real-Time Engagement
Platform-as-a-Service (PaaS), providing developers with simple,
flexible, and powerful application programming interfaces, or APIs,
to embed real-time voice, video, interactive live-streaming, chat,
whiteboard, and artificial intelligence capabilities into their
applications.
Headquartered in Shanghai, China, Shengwang is a
pioneer and leading Real-Time Engagement PaaS provider in the China
market.
For more information on Agora, please visit:
www.agora.ioFor more information on Shengwang, please visit:
www.shengwang.cn
Agora, Inc.Condensed
Consolidated Balance Sheets(Unaudited, in US$
thousands)
|
|
As of |
|
As of |
|
|
|
September 30, |
|
December 31, |
|
|
|
2024 |
|
2023 |
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
32,118 |
|
36,894 |
|
|
Short-term bank deposits |
161,906 |
|
86,924 |
|
|
Short-term financial products issued by banks |
106,638 |
|
84,853 |
|
|
Short-term investments |
3,066 |
|
7,983 |
|
|
Accounts receivable, net |
37,381 |
|
34,668 |
|
|
Prepayments and other current assets |
21,087 |
|
9,059 |
|
|
Contract assets |
1,127 |
|
1,048 |
|
|
Total current assets |
363,323 |
|
261,429 |
|
|
Property and equipment, net |
4,238 |
|
5,365 |
|
|
Construction in progress for the headquarters project |
35,429 |
|
17,343 |
|
|
Operating lease right-of-use assets |
4,476 |
|
4,011 |
|
|
Intangible assets |
741 |
|
1,274 |
|
|
Long-term bank deposits |
20,500 |
|
143,127 |
|
|
Long-term financial products issued by banks |
41,400 |
|
20,000 |
|
|
Long-term investments |
41,012 |
|
43,893 |
|
|
Land use right, net |
166,434 |
|
167,246 |
|
|
Other non-current assets |
13,943 |
|
10,907 |
|
|
Total assets |
691,496 |
|
674,595 |
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
15,196 |
|
12,996 |
|
|
Advances from customers |
8,155 |
|
7,765 |
|
|
Taxes payable |
1,686 |
|
906 |
|
|
Current operating lease liabilities |
1,924 |
|
2,447 |
|
|
Accrued expenses and other current liabilities |
32,148 |
|
32,780 |
|
|
Total current liabilities |
59,109 |
|
56,894 |
|
|
Long-term operating lease liabilities |
2,429 |
|
1,726 |
|
|
Deferred tax liabilities |
113 |
|
196 |
|
|
Long-term borrowings for the headquarters project |
33,762 |
|
11,027 |
|
|
Other non-current liabilities |
19,543 |
|
3 |
|
|
Total liabilities |
114,956 |
|
69,846 |
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Class A ordinary shares |
39 |
|
39 |
|
|
Class B ordinary shares |
8 |
|
8 |
|
|
Additional paid-in-capital |
1,148,502 |
|
1,138,346 |
|
|
Treasury shares, at cost |
(77,316) |
|
(79,716) |
|
|
Accumulated other comprehensive loss |
(7,907) |
|
(10,027) |
|
|
Accumulated deficit |
(486,786) |
|
(443,901) |
|
|
Total shareholders’ equity |
576,540 |
|
604,749 |
|
|
Total liabilities and shareholders’ equity |
691,496 |
|
674,595 |
|
|
|
|
|
|
|
Agora, Inc.Condensed
Consolidated Statements of Comprehensive
Loss(Unaudited, in US$ thousands, except share and
per ADS amounts)
|
|
Three Month Ended |
|
Nine Month Ended |
|
|
September 30, |
|
September 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Real-time engagement service revenues |
30,356 |
|
32,718 |
|
|
95,716 |
|
100,798 |
|
|
Real-time engagement on-premise solution and other revenues |
1,217 |
|
2,298 |
|
|
3,087 |
|
4,699 |
|
|
Total revenues |
31,573 |
|
35,016 |
|
|
98,803 |
|
105,497 |
|
|
Cost of revenues |
10,524 |
|
12,594 |
|
|
36,304 |
|
38,693 |
|
|
Gross profit |
21,049 |
|
22,422 |
|
|
62,499 |
|
66,804 |
|
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
29,271 |
|
20,040 |
|
|
65,551 |
|
61,356 |
|
|
Sales and marketing |
6,860 |
|
7,789 |
|
|
19,944 |
|
26,903 |
|
|
General and administrative |
9,741 |
|
9,070 |
|
|
26,349 |
|
27,100 |
|
|
Total operating expenses |
45,872 |
|
36,899 |
|
|
111,844 |
|
115,359 |
|
|
Other operating income |
134 |
|
620 |
|
|
914 |
|
1,515 |
|
|
Impairment of goodwill |
- |
|
- |
|
|
- |
|
(31,928 |
) |
|
Loss from operations |
(24,689 |
) |
(13,857 |
) |
|
(48,431 |
) |
(78,968 |
) |
|
Exchange gain (loss) |
43 |
|
20 |
|
|
108 |
|
(191 |
) |
|
Interest income |
3,924 |
|
4,850 |
|
|
13,244 |
|
14,006 |
|
|
Interest expense |
(86 |
) |
- |
|
|
(251 |
) |
- |
|
|
Investment income (loss) |
839 |
|
(13,356 |
) |
|
(4,033 |
) |
(18,497 |
) |
|
Losses from extinguishment of convertible note |
- |
|
- |
|
|
- |
|
(1,230 |
) |
|
Other income |
- |
|
- |
|
|
- |
|
550 |
|
|
Loss before income taxes |
(19,969 |
) |
(22,343 |
) |
|
(39,363 |
) |
(84,330 |
) |
|
Income taxes |
- |
|
(164 |
) |
|
(149 |
) |
(323 |
) |
|
(Losses) income from equity in affiliates |
(4,211 |
) |
(6 |
) |
|
(3,373 |
) |
45 |
|
|
Net loss |
(24,180 |
) |
(22,513 |
) |
|
(42,885 |
) |
(84,608 |
) |
|
Net loss attributable to ordinary shareholders |
(24,180 |
) |
(22,513 |
) |
|
(42,885 |
) |
(84,608 |
) |
|
Other comprehensive loss: |
|
|
|
|
|
|
Foreign currency translation adjustments |
3,197 |
|
1,164 |
|
|
2,119 |
|
(6,097 |
) |
|
Gain on available-for-sale debt securities |
- |
|
- |
|
|
- |
|
1,385 |
|
|
Total comprehensive loss attributable to ordinary shareholders |
(20,983 |
) |
(21,349 |
) |
|
(40,766 |
) |
(89,320 |
) |
|
|
|
|
|
|
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted |
(0.26 |
) |
(0.23 |
) |
|
(0.46 |
) |
(0.84 |
) |
|
|
|
|
|
|
|
|
Weighted-average shares used in computing net loss per ADS
attributable to ordinary shareholders, basic and diluted |
371,733,050 |
|
389,359,207 |
|
|
372,336,342 |
|
405,036,312 |
|
|
|
|
|
|
|
|
|
Share-based compensation expenses included in: |
|
|
|
|
|
|
Cost of revenues |
31 |
|
129 |
|
|
184 |
|
576 |
|
|
Research and development expenses |
10,776 |
|
3,769 |
|
|
15,886 |
|
10,668 |
|
|
Sales and marketing expenses |
241 |
|
800 |
|
|
838 |
|
3,705 |
|
|
General and administrative expenses |
2,599 |
|
1,945 |
|
|
4,332 |
|
5,953 |
|
|
|
|
|
|
|
|
|
|
|
|
Agora, Inc.Condensed
Consolidated Statements of Cash Flows(Unaudited,
in US$ thousands)
|
|
Three Month Ended |
|
Nine Month Ended |
|
|
September 30, |
|
September 30, |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
(24,180 |
) |
(22,513 |
) |
|
(42,885 |
) |
(84,608 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Share-based compensation expenses |
13,647 |
|
6,643 |
|
|
21,240 |
|
20,902 |
|
|
Allowance for current expected credit losses |
2,415 |
|
1,857 |
|
|
7,263 |
|
5,358 |
|
|
Depreciation of property and equipment |
788 |
|
1,558 |
|
|
2,726 |
|
5,680 |
|
|
Amortization of intangible assets |
131 |
|
345 |
|
|
533 |
|
1,036 |
|
|
Amortization of land use right |
856 |
|
850 |
|
|
2,572 |
|
2,312 |
|
|
Deferred tax benefit |
(20 |
) |
(53 |
) |
|
(82 |
) |
(159 |
) |
|
Amortization of right-of-use asset and interest on lease
liabilities |
687 |
|
704 |
|
|
2,035 |
|
2,218 |
|
|
Investment (income) loss |
(839 |
) |
13,356 |
|
|
4,033 |
|
18,497 |
|
|
Losses from extinguishment of convertible note |
- |
|
- |
|
|
- |
|
1,230 |
|
|
Interest income on debt securities and investments |
- |
|
- |
|
|
- |
|
(105 |
) |
|
Losses (income) from equity in affiliates |
4,211 |
|
6 |
|
|
3,373 |
|
(45 |
) |
|
Loss (gain) on disposal of property and equipment |
1 |
|
34 |
|
|
16 |
|
(10 |
) |
|
Impairments of goodwill |
- |
|
- |
|
|
- |
|
31,928 |
|
|
Changes in assets and liabilities, net of effect of
acquisition: |
|
|
|
|
|
|
Accounts receivable |
(1,627 |
) |
(4,503 |
) |
|
(9,418 |
) |
(7,856 |
) |
|
Contract assets |
(38 |
) |
(86 |
) |
|
(67 |
) |
(942 |
) |
|
Prepayments and other current assets |
347 |
|
(659 |
) |
|
(12,129 |
) |
(1,008 |
) |
|
Other non-current assets |
(472 |
) |
(2,104 |
) |
|
6,668 |
|
(5,160 |
) |
|
Accounts payable |
(2,531 |
) |
2,653 |
|
|
2,042 |
|
3,639 |
|
|
Advances from customers |
(41 |
) |
100 |
|
|
316 |
|
(559 |
) |
|
Taxes payable |
107 |
|
31 |
|
|
761 |
|
(802 |
) |
|
Operating lease liabilities |
(677 |
) |
(324 |
) |
|
(2,319 |
) |
(1,869 |
) |
|
Deferred income |
256 |
|
- |
|
|
62 |
|
(160 |
) |
|
Accrued expenses and other liabilities |
2,357 |
|
(928 |
) |
|
(5,404 |
) |
(6,808 |
) |
|
Net cash used in operating activities |
(4,622 |
) |
(3,033 |
) |
|
(18,664 |
) |
(17,291 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchase of property and equipment |
(1,333 |
) |
(206 |
) |
|
(2,297 |
) |
(656 |
) |
|
Purchase of short-term bank deposits |
- |
|
(58,000 |
) |
|
(43,100 |
) |
(187,521 |
) |
|
Purchase of short-term financial products issued by banks |
(50,300 |
) |
(19,525 |
) |
|
(70,391 |
) |
(29,899 |
) |
|
Purchase of short-term investments |
- |
|
(789 |
) |
|
- |
|
(789 |
) |
|
Proceeds from maturity of short-term bank deposits |
37,000 |
|
86,000 |
|
|
111,241 |
|
434,058 |
|
|
Proceeds from maturity of short-term financial products issued by
banks |
59,482 |
|
- |
|
|
69,511 |
|
8,310 |
|
|
Purchase of long-term bank deposits |
(10,500 |
) |
- |
|
|
(20,500 |
) |
(143,127 |
) |
|
Purchase of long-term financial products issued by banks |
(32,000 |
) |
- |
|
|
(41,400 |
) |
(20,000 |
) |
|
Purchase of long-term investments |
(562 |
) |
- |
|
|
(562 |
) |
(15 |
) |
|
Purchase of land use right |
- |
|
- |
|
|
- |
|
(5,133 |
) |
|
Payment for the headquarters project |
(10,918 |
) |
(1,839 |
) |
|
(21,895 |
) |
(4,326 |
) |
|
Cash received for business disposal |
- |
|
- |
|
|
- |
|
5,769 |
|
|
Cash received from disposal of property and equipment |
2 |
|
36 |
|
|
58 |
|
87 |
|
|
Cash paid for a business combination |
- |
|
- |
|
|
- |
|
(3,680 |
) |
|
Cash received from disposal of long-term investments |
28 |
|
- |
|
|
155 |
|
- |
|
|
Net cash (used in) provided by investing activities |
(9,101 |
) |
5,677 |
|
|
(19,180 |
) |
53,078 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from long-term borrowings for headquarters project |
11,123 |
|
- |
|
|
22,177 |
|
- |
|
|
Deposits returned for business disposal |
- |
|
- |
|
|
- |
|
(1,000 |
) |
|
Proceeds from exercise of employees’ share options |
175 |
|
74 |
|
|
550 |
|
590 |
|
|
Deposit received in relation to headquarters project |
- |
|
- |
|
|
19,280 |
|
- |
|
|
Repurchase of Class A ordinary shares |
(3,913 |
) |
(12,462 |
) |
|
(9,667 |
) |
(52,829 |
) |
|
Net cash provided by (used in) financing activities |
7,385 |
|
(12,388 |
) |
|
32,340 |
|
(53,239 |
) |
|
Effect of foreign exchange rate changes on cash, cash equivalents
and restricted cash |
819 |
|
53 |
|
|
678 |
|
(1,286 |
) |
|
Net decrease in cash, cash equivalents and restricted cash |
(5,519 |
) |
(9,691 |
) |
|
(4,826 |
) |
(18,738 |
) |
|
Cash balance recorded in held-for sale assets at beginning of
period |
- |
|
- |
|
|
- |
|
1,488 |
|
|
Cash, cash equivalents and restricted cash at beginning of period
* |
37,867 |
|
38,268 |
|
|
37,174 |
|
45,827 |
|
|
Cash, cash equivalents and restricted cash at end of period ** |
32,348 |
|
28,577 |
|
|
32,348 |
|
28,577 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
Income taxes paid |
24 |
|
33 |
|
|
133 |
|
65 |
|
|
Cash payments included in the measurement of operating lease
liabilities |
677 |
|
324 |
|
|
2,319 |
|
1,869 |
|
|
Right-of-use assets obtained in exchange for operating lease
obligations |
1,812 |
|
- |
|
|
2,325 |
|
4,088 |
|
|
Non-cash financing and investing activities: |
|
|
|
|
|
|
Proceeds receivable from exercise of employees’ share options |
328 |
|
25 |
|
|
328 |
|
25 |
|
|
Payables for property and equipment |
33 |
|
24 |
|
|
33 |
|
24 |
|
|
Payables for construction in progress for the headquarters
project |
11,614 |
|
6,458 |
|
|
11,614 |
|
6,458 |
|
|
Payables for treasury shares, at cost |
24 |
|
301 |
|
|
24 |
|
301 |
|
|
* includes restricted cash balance |
280 |
|
280 |
|
|
280 |
|
154 |
|
|
** includes restricted cash balance |
230 |
|
280 |
|
|
230 |
|
280 |
|
|
|
|
|
|
|
|
|
|
|
|
Agora,
Inc.Reconciliation of GAAP to Non-GAAP
Measures(Unaudited, in US$ thousands, except share
and per ADS amounts)
|
|
Three Month Ended |
|
Nine Month Ended |
|
|
September 30, |
|
September 30, |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
GAAP net loss |
(24,180 |
) |
(22,513 |
) |
|
(42,885 |
) |
(84,608 |
) |
|
Add: |
|
|
|
|
|
|
Share-based compensation expenses |
13,647 |
|
6,643 |
|
|
21,240 |
|
20,902 |
|
|
Acquisition related expenses |
- |
|
13 |
|
|
- |
|
(400 |
) |
|
Amortization expenses of acquired intangible assets |
129 |
|
345 |
|
|
531 |
|
1,035 |
|
|
Income tax related to acquired intangible assets |
(20 |
) |
(53 |
) |
|
(82 |
) |
(159 |
) |
|
Impairment of goodwill |
- |
|
- |
|
|
- |
|
31,928 |
|
|
Non-GAAP net loss |
(10,424 |
) |
(15,565 |
) |
|
(21,196 |
) |
(31,302 |
) |
|
|
|
|
|
|
|
|
Net cash used in operating activities |
(4,622 |
) |
(3,033 |
) |
|
(18,664 |
) |
(17,291 |
) |
|
Purchase of property and equipment |
(1,333 |
) |
(206 |
) |
|
(2,297 |
) |
(656 |
) |
|
Free Cash Flow |
(5,955 |
) |
(3,239 |
) |
|
(20,961 |
) |
(17,947 |
) |
|
Net cash (used in) provided by investing activities |
(9,101 |
) |
5,677 |
|
|
(19,180 |
) |
53,078 |
|
|
Net cash provided by (used in) financing activities |
7,385 |
|
(12,388 |
) |
|
32,340 |
|
(53,239 |
) |
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
investor@agora.io
Media Contact:
press@agora.io
Agora (NASDAQ:API)
Historical Stock Chart
From Oct 2024 to Nov 2024
Agora (NASDAQ:API)
Historical Stock Chart
From Nov 2023 to Nov 2024
